Ulster Bank is the latest institution to put its customers in harm’s way, as the entity announces that it intends to sell up to 7,000 mortgages in arrears to the highest bidder.
Ulster Bank said that its loan book include up to 16% of ‘non-performing’ loans, which the bank is now attempting to offload. The institution has acknowledged that the mortgages may be acquired by ‘foreign funds’.
Ulster Bank follows Permanent TSB’s lead to put customers’ homes and well-being in the claws of vulture funds.